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What Applicants Can Expect From Calif. Crypto License Law

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Avy Mallik, Alexandra Steinberg Barrage, and Rebecca Tesfaye published an article in Law360 about California's Digital Financial...

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Avy Mallik, Alexandra Steinberg Barrage, and Rebecca Tesfaye published an article in Law360 about California's Digital Financial Assets Law (DFAL), a dedicated digital asset licensing and supervisory framework for digital asset businesses in the U.S. The authors provide a high-level overview of the DFAL's requirements and highlight key considerations for covered entities.Read the <a href="https://www.law360.com/articles/2438222" target="_blank">full article</a>.

What Applicants Can Expect From Calif. Crypto License Law

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Avy Mallik is a partner in Morrison Foerster’s Financial Services Group. His practice focuses on financial services regulation and enforcement, with a particular emphasis on emerging technologies, including fintech, artificial intelligence (AI), and digital assets.Avy advises banks, fintechs, and other financial institutions on a broad range of financial regulatory issues, including consumer protection, investor protection, payments, money transmission, banking law, BSA/AML compliance, financial privacy, and the use of emerging technologies in financial services.Before joining Morrison Foerster, Avy served as General Counsel to the California Department of Financial Protection and Innovation (DFPI), appointed by California Governor Newsom, and oversaw the office’s Legal Division, Securities Regulation Division, Broker Dealer and Investment Advisor Division, and Digital Financial Assets Law Division. In his time as General Counsel, Avy has overseen landmark legislative and regulatory initiatives, including the drafting and implementation of California’s Digital Financial Assets Law, and he has managed high profile enforcement and policy responses to major bank failures and emerging fintech issues. Previously, he served as Director of Fintech Policy for the Financial Services Committee at the U.S. House of Representatives, leading the task forces on AI in the Financial Services, Fintech, and the Digital Assets Working Group. He has also served as Assistant Attorney General for the Consumer Protection Division of the Office of the Maryland Attorney General and Director of the Foreclosure Prevention Program and Foreclosure Prevention Staff Attorney at Civil Justice.Avy is regularly invited to speak on legal and policy issues related to financial innovation and has testified before legislatures and briefed state, federal, and international policymakers on emerging regulatory challenges related to fintech products, digital assets, and AI.Avy earned his J.D. from Georgetown University Law Center and a B.A. in English Literature from Reed College.

Avy Mallik

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Alex, co-lead of the firm's Digital Assets practice within the Fintech Group, advises banks and technology companies on a wide range of regulatory and supervisory matters, including de novo bank charters, enforcement and examination issues, bank-Fintech partnerships, complex claims resolution, resolution planning, and digital asset activities. Her experience includes addressing supervisory examination issues, regulatory due diligence and compliance, bankruptcy, and digital asset product development. With experience serving in senior FDIC roles and an extensive background counseling the largest financial institutions and technology companies in the U.S., Alex offers clients a broad market perspective, practical solutions, and a deep appreciation for the nuances of today’s regulatory landscape.Alex served in various leadership roles at the FDIC. As an associate director, she was the lead regulatory policy expert for the Division of Complex Institution Supervision and Resolution, focusing on U.S. and global regulatory issues affecting the largest and most systemically important banking institutions. She worked closely with Federal Reserve staff on resolution plan rules, related guidance, and feedback letters, and engaged directly with banks and trade associations.Alex is widely respected for her thought leadership, making live appearances on Bloomberg’s The Close and speaking on current banking developments domestically and abroad. She has been quoted extensively, including in American Banker, Bloomberg Law, The Washington Post, The Wall Street Journal, OpenBanker, Law360, Coindesk, and Risk. Alex also provides technical assistance to congressional staff on digital asset legislation.She earned her J.D. from Georgetown University Law Center and received her B.A. cum laude from Williams College.<h4>Representative Experience</h4><ul><li>Global Fintech and Stablecoin Issuer: Advise on stablecoin and payments products, provide policy and regulatory advice</li><li>Leading Cryptocurrency Exchange: Advise on impacts of regulatory proposals; provide policy and regulatory on various bank partnerships </li><li>Leading Digital Asset Infrastructure Company: Advising on regulatory and policy matters following GENIUS enactment </li><li>Advise de novo bank charter applicant before U.S. banking regulators </li><li>Advise large/mid-size banks and technology companies in preparation for supervisory examinations, responding to MOUs and public enforcement actions before state and federal banking regulators </li><li>Representation of fifty state bankers associations and DC on amici brief in the U.S. Court of Appeals for the Tenth Circuit contesting Colorado’s legislative efforts to opt-out of DIDMCA </li><li>Advise nationwide money transmission/payments company and Fintech providers on regulatory compliance and licensing issues, including issues involving pass-through insurance, brokered deposits, and marketing representations </li><li>Represent banking institutions and technology companies on regulatory and transactional issues involving their banking as a service platform, including deposit account onboarding/enhanced due diligence, third-party risk management issues, and due diligence frameworks involving the sponsorship of merchant acquirer/cryptocurrency exchange programs </li><li>Advise banks on resolution planning requirements under Title I of the Dodd-Frank Act and the FDIC IDI Rule, including related supervisory engagement </li><li>Advised one of the largest global technology cloud service providers opposite federal regulators in their role as a bank service provider </li><li>Advised a leading global payments and enterprise blockchain company on new product launch, bankruptcy issues, and regulatory due diligence</li></ul>

Alexandra Barrage

Rebecca Tesfaye is an associate in the Financial Services Group in Morrison Foerster’s Washington, D.C. office. Rebecca’s practice focuses on advising banks, startups, and financial technology companies on a variety of state and federal regulatory matters and during product development. Rebecca has also represented numerous clients in enforcement actions filed by state and federal regulators.Rebecca graduated from Brooklyn Law School where she was a member of the Alternative Dispute Resolution Honor Society. She received her B.A. from Montclair State University in justice studies.